ALROSA Displays Largest Pink Diamond in Company History

Russian diamond miner ALROSA (MCX:ALRS) has brought together a collection of some of its most prized and rare diamonds which are on display to the media this week.

Among the exquisite colored gems there is a 14.83 pink oval diamond, the largest pink diamond ever recovered by the miner.

The rose stone is also the largest diamond of its kind unearthed in Russia and will likely fetch a handsome price tag when it is brought to auction or included in a diamond tender.

ALROSA recovered the pink stone in 2017 from the Ebelyakh deposit in Yakutia, an area located in the eastern region of Russia.

“Pink diamonds among the blue ones are considered to be the rarest and most precious of all, and the size and clarity of this specimen makes it one of the best to be discovered anywhere in the world in recent years,” Yury Okoyemov, ALROSA’s deputy CEO said in the announcement.

“I am sure that this diamond will be the most expensive in the history of Russia’s gem cutting industry.”

The record-setting pink gem isn’t the only big find the company is showcasing. ALROSA is also displaying a deep yellow asscher cut diamond, weighing 20.69 carats.

The vibrant yellow stone was cut from a 34.7-carat raw crystal with a “rare honey hue” in 2017 and was the biggest yellow diamond mined in Russia that year.

An 11.06 carat pink-purple cushion-shaped stone recognized by the Gemological Institute of America (GIA), “as the largest of its color in the world,” is also a highlight of the collection.

When the showcase is complete, ALROSA will send the pink and yellow diamonds to the GIA for certification.

The Russian diamond miner, which also cuts its own diamonds, believes these milestone gems represent their commitment to Russian diamond mining.

“The diamonds we are now exhibiting are completely unique, and each of them perfectly embodies the Russian art of gem cutting. More than half of the several dozen colored gems we are exhibiting today are large diamonds with fancy hues – the rarest and most beautiful type of diamond,” Okoyemov added.

The price of colored diamonds has increased by roughly 12 percent annually for the last decade, a fact not lost on ALROSA. Earlier this week, the company reported its December 2018/January 2019 sales were down 44 percent year-over-year.

Last month, ALROSA sold US$281.5 million of rough and polished diamonds. Rough diamond sales were down US$3.4 million from the same period last year to US$278.2 million.

“In January, market activity was lower than usual,” Okoemov, stated in the press release.

“Sales in the diamond market are always cyclical, and apparently, we are seeing the expected correction after the peak values in previous periods.”

Shares of ALROSA were down 2.45 percent on Wednesday (February 13), trading at RUB 96.97.

Image courtesy of ALROSA. 

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.